Fxwirepro: Usd/jpy Retreats from Higher Levels, Good to Buy at Dips

• RES 4: 127.93 (161.8% retracement of 125.85 and 120.40)
• RES 3: 126.88 (161.8% retracement of 124.43 and 120.45)
• RES 2 : 125.85 (jun 5^th high)
• RES 1:125

PRICE: 124.40 @10:49 GMT 

• SUP1 : 124.70 (20 day 4 HMA)
• SUP2 :124.40 (55 day 4 HEMA)
• SUP 3 : 123.78 ( Aug 4^th low)
• SUP 4 :123.50 (Jul 31^st low)

Potential Reversal Zone- 123.95 

USD/JPY has broken the short term resistance 125 and jumped till 125.27. It is facing resistance around 125.30 (trend line joining 123.71 and 124.46) and also 161.8% retracement of 124.46 and 123.10.

Any break above 125.30 would extend gains till 125.65/125.84 in short term.

On the downside minor support is around 124.70 and nay break below targets 124.50/124

Bullish invalidation only below 123.95.

It is good to buy at dips around 124.45-50 with SL around 123.95 for the TP of 125.85.

The material has been provided by InstaForex Company – www.instaforex.com